Wireline logging services market worth $25.46 Billion market by 2019 signifies a firm annualized growth rate of 10.3% from 2014 to 2019.
Well logging is defined as the performing of a detailed recording (a well log) of the geologic rock formations that are a part of the reservoir and is penetrated during a drilling operation. The log may be based either on visual inspection of samples brought to the surface (geological logs) or on physical measurements made by instruments brought down into the hole (geophysical logs). In this report, the market is analyzed on the basis of revenue generated by the wireline services supplied by oilfield service companies to the oilfield services market. One of the major service provided in wireline is wireline logging service. Major value generation activities of the market are recorded in North America and the remaining regions are growing at a higher rate with the exploration of new reserves, creating growth prospects for the wireline logging services market. The North American market is reaching towards a stage of maturity and the movement in the market will mainly be subjected to competition.
Potential increase in recoverable resources and increased exploration and production are the most important drivers for the market. Increasing focus towards natural gas production also require wireline logging services. Currently, natural gas is referred as transitional fuel for being the chain between conventional resources and renewable energy. This proves to be an advantage for the international natural gas market and hence, for the wireline logging services market. As the energy demand in developing countries such as India and Brazil is increasing, fulfilling this demand will enhance the growth prospects for market.
The wireline logging services market has great opportunities outside North America; however, its growth depends upon many reasons that include environmental objections and a subsequent ban on certain logging techniques in few countries, which are key hurdles for the growth of this market.
Wireline Logging Services Market Value, By Geography, 2012-2019
Source: MarketsandMarkets Analysis
Currently, North America dominates the wireline logging services market. This dominance is seen mainly due to continuous and large increment in the U.S. exploration and production activities. The new and unconventional hydrocarbon recovery and its growth are important reasons for the growth of the market. North America has the highest market share because of favorable regulations in the region.